Washington State’s Bank Tax Upheld
(Seattle, WA) -- Washington state's new tax on big banks has survived a court challenge. The Washington State Supreme Court has ruled in favor of the tax. It applies a one-point-two-percent tax on banks that make over one-billion-dollars in profit. Opponents argued it unfairly taxed out of state banks. Lawmakers created the new tax to help make the state's tax system more progressive by taxing big banks that can afford it. A decision hasn't been made whether the ruling will be challenged before the U.S. Supreme Court.